European and Asian shares stepped back from eight-month highs, increasing investors' appetite for gold
Gold bars are displayed at Degussa shop in Singapore. Picture: REUTERS
“The German industrial data is the main market driver this morning,” said ActivTrades chief analyst Carlo Alberto de Casa, adding that falling equity markets were supporting gold. German industrial orders fell at their sharpest rate in more than two years in February, compounding worries that Europe's largest economy had a weak start to 2019.
“The whole of Europe is suffering and in the US, a lot of people are talking about the possibility of bringing down interest rates again because they have been hiking rates too quickly,” said Afshin Nabavi, MKS SA senior vice-president.Meanwhile, US-China trade discussions made “good headway” last week and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.
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